The NASDAQ rose slightly in the front month contract during the Monday session as the 2650 area provide support. Because of this, we think that a potential bounce could be coming in the contract, and as such we are slightly bullish. However, it should be stated that overall the market looks soft and this should only be a temporary move.
To truly become bullish of the NASDAQ, we would need to see a move above the 2800 level. Until that happens, we think we are simply going to bounce around between that area and the 2650 level. Quite a bit of fluctuations will come and go, as this is earnings season and there will certainly be many surprises.